Kent will be replaced by the company's COO, James Quincey, who
has been at Coca-Cola for 20 years,
according to the firm.

Kent has served as CEO since 2008 and will stay at Coca-Cola as
chairman of the board of directors.

"It has been the most wonderful and unique privilege to serve as
chairman and CEO of our great company over the past eight years,"
Kent said in
the release from Coca-Cola.

"This transition comes at a time of important evolution for The
Coca-Cola Company. Our journey to refocus on our core business
model of building strong global brands, enhancing sustainable
customer value, and leading a strong, dedicated franchise system
is well under way."

Warren Buffett, who has long owned a large stake in Coca-Cola,
was also supportive of the move.

"As chairman and CEO, Muhtar has been an excellent steward of
Coca-Cola's business over the last eight years and I am thankful
for the leadership he has provided to put in place the right
vision, strategy, and thoughtful succession plan for long-term
success," Buffett said in the press release. "I know James and
like him, and believe the company has made a smart investment in
its future with his selection."

Following the news, Coca-Cola stock is up just over 1% in
premarket trading.